Iceland’s competitiveness has never been as great as last year, according to a recent report by the World Economic Forum. Iceland ranked in 7th place on the Worldwide Growth Competitiveness Index, moving up three places from the year before. This is reported by RÚV online.
The report has been issued 27 times and is considered one of the world’s best testimonials to the strengths and weaknesses of the economies of various nations. Finland continues to hold top place as it has in the past few years, while the US is in second place. The Nordic countries are all near the top of the list: Sweden in third place, Denmark in fourth, and Norway in ninth.
The Worldwide Growth Competitiveness Index scale is based on three subordinate indexes. Half the scale is based on technological advancements, while economic conditions and the efficiency of public institutions both account for one-fourth. Iceland is in ninth place when it comes to technological advancements, offers the 11th best economic conditions, and is in third place when it comes to the efficiency of public institutions.
Increased innovation is the main reason for Iceland’s improved competitiveness status from 2004. This is reflected in the number of patents registered in the US by Icelandic companies, and an increase in the number of students in secondary education.